Certain standard costs are associated with closing the sale of a house. Sellers and buyers customarily split these costs, as the sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Bob Rutledge Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Very soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always predict your costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Escrow Fees TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment
InsuranceRecording Fees & Transfer Taxes
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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